Persistent Net LossesSustained annual net losses from 2020–2025 indicate the business has not achieved profitable operations. Over 2–6 months this trend undermines retained capital, forces reliance on external funding, and weakens investor and lender confidence, making it harder to finance growth or restructure without dilution or higher-cost debt.
Weak Cash GenerationNegative operating and free cash flow across recent years reflects unstable cash conversion and recurring cash burn. Structurally this raises liquidity risk, limits capacity to self-fund capex or working capital, increases dependence on volatile financing, and constrains the company's ability to execute longer-term projects reliably.
Margin Pressure / Project EconomicsSlightly negative gross profit and negative operating margins in 2025 point to weak project economics or cost control issues. Persisting at the gross-profit level implies structural pricing or cost problems that revenue growth alone may not fix, threatening sustainable profitability and return on invested capital over the medium term.